United Parks & Resorts’ Q2 results fell short of analyst expectations as both revenue and adjusted earnings per share missed Wall Street’s consensus. Management highlighted that the quarter was impacted by the earlier timing of Easter, unfavorable weather, and a continued decline in international visitors. CEO Marc Swanson noted that, after accounting for the holiday shift and lower international attendance, overall park attendance would have been flat, with in-park per capita spending reaching a new high for the quarter. Swanson acknowledged the company’s “less than stellar execution in our marketing activities this year,” calling it “frankly, quite frustrating,” but emphasized ongoing efforts to strengthen awareness and guest engagement.
Is now the time to buy PRKS? Find out in our full research report (it’s free for active Edge members).
United Parks & Resorts (PRKS) Q2 CY2026 Highlights:
- Revenue: $483.3 million vs analyst estimates of $490.4 million (1.4% year-on-year decline, 1.4% miss)
- Adjusted EPS: $1.78 vs analyst expectations of $1.93 (8% miss)
- Adjusted EBITDA: $195.5 million vs analyst estimates of $194.5 million (40.4% margin, in line)
- Operating Margin: 24.2%, down from 28.7% in the same quarter last year
- Visitors: down 145,000 year on year
- Market Capitalization: $2.00 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From United Parks & Resorts’s Q2 Earnings Call
- Steven Wieczynski (Stifel) asked how United Parks could grow EBITDA in the back half given first-half declines. CEO Marc Swanson clarified that growth expectations are focused on the next five months, not a full-year increase over 2025 levels.
- Arpine Kocharyan (UBS) probed the timing of attendance declines and the impact of new sponsorship revenue. CFO James Forrester explained most attendance decline was in April due to the Easter shift, while sponsorship revenue is expected to ramp up through the year.
- Benjamin Chaiken (Mizuho) questioned the implications of higher deferred revenue despite lower attendance. Swanson said this likely reflects higher pricing and bodes well for future per-capita revenue, with new pass strategies set to launch for 2027.
- James Hardiman (Citi) inquired about the long-term outlook for international visitation and the potential for real estate transactions. Swanson said international trends are largely macro-driven but expects to participate in a rebound, while real estate deals could take multiple forms.
- Chris Woronka (Deutsche Bank) focused on steps to improve underperforming marketing. Swanson described ongoing changes to creative strategy, audience targeting, and awareness-building, particularly for parks outside Orlando.
Catalysts in Upcoming Quarters
In the upcoming quarters, the StockStory team will be watching (1) the impact of new seasonal events and intellectual property partnerships on both attendance and in-park revenue, (2) progress in marketing execution and growth in the passholder base, and (3) any developments regarding real estate monetization or cost savings initiatives. Additionally, trends in international visitation and weather-related disruptions remain important variables to track.
United Parks & Resorts currently trades at $43.99, down from $45.51 just before the earnings. Is there an opportunity in the stock? The answer lies in our full research report (it’s free).
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